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Tata Motors Passenger Vehicles Ltd. 14 Nov 2025 15:33 PM

Q2FY26 Quarterly Result Announced for Tata Motors Passenger Vehicles Ltd.

Cars & Utility Vehicles company Tata Motors Passenger Vehicles announced Q2FY26 results

Financial Highlights:

  • TMPVL delivered revenues of Rs 72.3K crore (down 13.5%) and EBIT of -Rs 4.9K crore (down Rs 8.8K crore).
  • PBT (bei) for Q2FY26 stood at -Rs 5.5K crore.
  • Net Profit was Rs 76.2K crore.

JLR Business Highlights:

  • Q2FY26 Revenue at GBP 4.9 billion (-24.-3%), EBITDA -1.6% (-1330 bps), EBIT -8.6% (-1370 bps), PBT (bei) GBP (485) million.
  • H1FY26 Revenue at GBP 11.5 billion (-16.3%), EBITDA 4.7% (-920 bps), EBIT -1.4% (-850 bps), PBT (bei) GBP (134) million.
  • EBIT guidance is revised to 0% to 2% for FY26.
  • Cash balance was GBP 3.0 billion and net debt GBP 1.8 billion, with gross debt of GBP 4.7 billion.
  • Total liquidity as at September 30, 2025 was GBP 6.6 billion, including undrawn RCF of GBP 1.7 billion and the new GBP 2.0 billion bridge facility, signed on September 22, 2025. Additionally, in October a GBP 1.5 billion UKEF guaranteed commercial loan was secured, providing further support to the balance sheet.
  • To support liquidity in its supply chain, JLR fast tracked a new GBP 500 million financing solution to allow qualifying suppliers to receive cash at the point of production scheduling.
  • Operations recovered at pace following cyber incident, with production now returned to normal levels.
  • Transformation programme launched in June starting to drive planned cost savings

Tata Passenger Vehicles Business Highlights:

  • Q2FY26 revenue at Rs 13.5K crore ( 15.6%), EBITDA 5.8% (-40 bps), EBIT 0.2% ( 10bps), PBT (bei) Rs 0.2K crore.
  • H1 FY26 revenue at Rs 24.4K crore ( 3.6%), EBITDA 5.0% (-100 bps), EBIT -1.1% (-130 bps), PBT (bei) Rs 0.0K crore.
  • Vahan registration market share at 12.8% in Q2FY26. EV Vahan market share at 41.4%.
  • Secured #2 rank in Vahan Market Share across both Sep 2025 & Oct 2025 driving sharp reduction in stocks.
  • Alternative powertrains continue to grow. EV penetration at 17%, CNG at 28% in Q2FY26.
  • Punch becomes India’s fastest SUV to cross 6 Lakh milestone in under 4 years.
  • Leveraging festive momentum, we retailed over 1 lakh vehicle deliveries between Navratri and Diwali ( 33% YoY).
    • Nexon was #1 model in industry in both Sep & Oct, with strong volumes across powertrains.
    • Strong demand for Punch with 40k units across Sep & Oct.
    • Highest-ever Harrier & Safari volumes on the back of newly launched Adventure X variants & strong response to Harrier.ev.
  • India’s Safest Hatchback: All-new Altroz achieved 5-Star Bharat NCAP Rating Across Petrol, Diesel & CNG Powertrains.
  • Re-entered South Africa market with Bold, Future-Ready Range of Passenger Vehicles.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “It has been a difficult period for the business. However, we are committed to emerging from the cyber incident even stronger. With the demerger completed, both JLR and domestic PV businesses are well poised to leverage the significant opportunities provided by this exciting industry. Demand situation remains challenging globally but domestically there are signs of resurgence. In this context, our strategy is clear, plans robust and we will continue to execute them with speed and rigour to win”

Adrian Mardell, JLR Chief Executive Officer, said: “JLR’s performance in the second quarter of FY26 was impacted by significant challenges, including a cyber incident that stopped our vehicle production in September and the impact of US tariffs. JLR has made strong progress in recovering its operations safely and at pace following the cyber incident. In our response we prioritised client, retailer and supplier systems and I am pleased to confirm that production of all our luxury brands has resumed.

“The speed of recovery is testament to the resilience and hard work of our colleagues. I am extremely grateful to all our people who have shown enormous commitment during this difficult time, and I want to thank our clients, retailers, suppliers and everyone in the communities connected with JLR, for their support through this disruption.

“JLR is a great business with strong global brands, a talented workforce and a loyal customer base. We are now set to deliver the outcome of an extraordinary period of British design and engineering, with the arrival of the Range Rover Electric and the new electric Jaguar - cars which will be unrivalled in their performance, design and capability. While we are mindful of the economic, geopolitical and policy challenges that our industry faces, we are resilient and well placed to make strong progress.

“As I approach the end of my 35-year career at JLR, I am immensely proud of what we have achieved together. Leading JLR as CEO over the past three years has been the greatest honour of my career and I am confident that the next chapter will bring continued success for this great business under the leadership of PB Balaji.”

Shailesh Chandra, Managing Director & CEO, Tata Motors Passenger Vehicles, said: “Q2FY26 was a landmark quarter for Tata Motors Passenger Vehicles, marked by double-digit year-on-year growth in wholesale volumes and registrations, alongside several record-breaking milestones. Our growth was powered by our multi-powertrain portfolio, with CNG & EV volumes accounting for 45% of our volumes in Q2. EV sales surged by nearly 60% YoY with nearly 25 thousand units sold in Q2, reaffirming our leadership in sustainable mobility. Leveraging a reinvigorated demand environment, our agile approach, strong portfolio and impactful marketing helped us drive this growth trajectory. September was particularly noteworthy, with record overall sales of 60k units and several other milestones. This strong market performance translated into improving revenues and QoQ improvement in profitability. With a robust booking pipeline and rising consumer confidence, we are poised to sustain this momentum in H2 FY26, guided by our unwavering commitment to innovation and several new launches ahead.”

Result PDF

2/3 Wheelers company Hero MotoCorp announced Q2FY26 results

  • Volume: 16.91 lakh units of motorcycles and scooters sold in Q2FY26 (vs 15.20 lakh units Q2FY25)
  • Revenue from operations: Rs 12,126 crore, a growth of 16% over the corresponding quarter in the previous fiscal.
  • Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) for Q2FY26 stands at Rs 1,823 crore, a growth of 20%.
  • Net Profit After Tax (PAT) at Rs 1,393 crore, a growth of 16% over the previous year.

Vivek Anand, Chief Financial Officer (CFO), Hero MotoCorp, said: “The change in the GST regime has fundamentally simplified India's indirect tax structure and demonstrably improved consumer sentiment. The industry witnessed direct benefits of this policy reform, reflected in strong market performance.

In Q2FY’26, the auto industry returned to broad based growth, further supported by positive festive sentiment. Hero MotoCorp witnessed strong momentum, aided by the success of our new launches, expanding product portfolio, and customer-centric marketing campaigns. Furthermore, our Emerging Mobility business—VIDA—returned growth ahead of the industry average, and the Company outperformed the markets in global business.

We expect the momentum in growth to continue, supported by benefits flowing in from the GST reforms, healthy macro economic parameters, and a robust product portfolio. We remain committed to sustained growth and will continue to invest strategically in technology, global markets, and product innovation to build long-term value for our shareholders.”

Result PDF

2/3 Wheelers company Eicher Motors announced Q2FY26 results

  • Revenue from operations surged 45% to Rs 6,172 crore in Q2FY25.
  • EBITDA grew 39% to Rs 1,512 crore.
  • Profit After Tax rose 25% to Rs 1,369 crore from Rs 1,100 crore last year.
  • Royal Enfield also recorded its highest-ever quarterly sales volume of 3,27,067 motorcycles, up 45% from 2,25,317 motorcycles sold during Q2FY25.

Govindarajan, Managing Director, Eicher Motors, &Chief Executive Officer, Royal Enfield, said: “This has been a truly encouraging quarter for Eicher Motors, as we recorded strong performance across the board for both Royal Enfield and VECV. At Royal Enfield, we have continued to deliver steady growth in volumes while further strengthening our growth story quarter after quarter. We witnessed an outstanding festive season, achieving record sales of 2.49 lakh units. The Government of India’s GST reform has further enhanced accessibility for motorcycles under 350cc, as reflected in the strong customer demand. At EICMA, this year, we marked a significant milestone in Royal Enfield’s legacy as we entered our 125th year of Pure Motorcycling, a legacy that is built on authenticity, craftsmanship, and an unwavering pursuit of timeless design. From crafting the world’s first production motorcycle in 1901 to becoming a global symbol of pure motorcycling, Royal Enfield’s journey has been one of evolution anchored in heritage. Our showcase at EICMA this year reflected a perfect blend of past, present, and future; ranging from the special edition of our most iconic motorcycle – the Classic 650 to a bigger and bolder Bullet 650, to pushing the boundaries of urban exploration with the Flying Flea S6. VECV, too, has continued to show steady growth, supported by a robust product portfolio and a deep understanding of India’s changing commercial mobility landscape. Our ongoing focus on developing sustainable and efficient transport solutions positions us strongly for the future. As we progress, our dedication to long-term value creation remains firm, driven by customer-centric innovation, global aspirations, and meaningful brand experiences at every level.”

Vinod Aggarwal, MD & CEO, VECV & Vice Chairman, Eicher Motors, said: “VECV delivered a solid performance in Q2FY26, growing by 5.4% YoY and registering our best ever second quarter in terms of truck and bus deliveries. Eicher retained its position as the market leader in Light and Medium Duty Trucks (5-18.5 T GVW), while delivering 10,096 units in the quarter. We continue to make steady progress in the Heavy-Duty trucks segment, recording our best-ever second-quarter deliveries and a market share of 10.5% during the period. Reflecting our expanding Dealer Network and focus on Customer Service and Uptime, spare parts sales grew 11.8% quarter-on-quarter. Volvo Trucks and Buses continue to dominate their respective segments. During the quarter, we launched the Eicher Pro Plus range of medium-duty trucks with air-conditioned cabs to conform to legal mandates. Equipped with a unique fuel-efficient compressor technology, these trucks were launched with improvements to loading capacity to deliver a win-win for both operators and drivers. Profit After Tax for the quarter improved to Rs 249.3 crore, a growth of 19.7% over the corresponding period last year. GST rationalization has had a positive impact on consumer confidence and consumption. This will in turn support demand for commercial vehicles in the coming period.”

Result PDF

Iron & Steel Products company Tata Steel announced Q2FY26 results

  • Consolidated Revenues for the half year were Rs 1,11,867 crore and EBITDA was Rs 16,585 crore with a margin of around 15%. EBITDA improved by 27% YoY despite the challenging operating environment.
    • India revenues were Rs 65,924 crore and EBITDA was Rs 16,140 crore, which translates to an EBITDA margin of 24%. EBITDA improved by 16% YoY.
    • Netherlands revenues were EUR 3,070 million and EBITDA was EUR 155 million. EBITDA doubled on YoY basis.
    • UK revenues were GBP 1,041 million and EBITDA loss was GBP 107 million. EBITDA loss halved on YoY basis.
  • Consolidated Revenues for the Jul – Sep 2025 quarter were Rs 58,689 crore and EBITDA was Rs 9,106 crore with a margin of around 16%. EBITDA improved by 22% QoQ and 46% YoY.
    • India revenues were Rs 34,787 crore and EBITDA was Rs 8,654 crore, which translates to a margin of 25%. Crude steel production was up 8% QoQ to 5.65 million tons and deliveries were up 17% QoQ to 5.55 million tons aided by rise in domestic deliveries.
    • Netherlands revenues were EUR 1,551 million and EBITDA was EUR 92 million vs. EUR 64 million in Q1FY26. Liquid steel production was 1.67 million tons and deliveries were 1.54 million tons.
    • UK revenues were GBP 505 million and EBITDA loss stood at GBP 66 million vs. loss of GBP 41 million in Q1FY26. Deliveries stood at 0.57 million tons and were marginally lower due to subdued demand.
  • The company has spent Rs 3,250 crore on capital expenditure during the quarter and Rs 7,079 crore for the half year. Net debt stands at Rs 87,040 crore.
  • In September 2025, Tata Steel signed a non-binding Joint Letter of Intent with the Government of the Netherlands and the province of North-Holland on an integrated health measures & decarbonisation project.

T V Narendran, Chief Executive Officer & Managing Director, said: “The global operating environment remained challenging with persistent overhang of tariffs, geopolitical tensions and elevated steel exports. Despite this, Tata Steel delivered a resilient performance with the EBITDA margin improving for the second consecutive quarter. In India, while the crude steel production rose 8%, deliveries grew at a higher rate of 17% QoQ as our marketing franchise enabled us to scale effectively. We continue to strengthen our market leadership across key segments, underpinned by capacity expansion and a focused downstream strategy. Kalinganagar’s continuous annealing line and galvanising line have expanded our hi-end product offerings to Automotive. Our new 0.5 MTPA combi mill will further amplify this advantage and strengthen our presence in specialty steel segment. Our well-established retail brand, Tata Tiscon grew by 27% QoQ and we continue to consolidate our position in engineering and construction solutions. On the digital front, our e-commerce platforms such as Aashiyana and DigECA achieved Gross Merchandise Value of Rs 1,980 crore for the quarter and more than tripled on YoY basis. As for overseas operations, UK deliveries were 0.57 million tons and Netherlands deliveries were 1.54 million tons. We remain focused on transitioning our UK and Netherlands businesses to economically and environmentally viable operations. In September 2025, we signed a non-binding Joint Letter of Intent with the Government of Netherlands and Province of North-Holland on an integrated health measures and decarbonisation project. I am happy to share that Tata Steel became the only Indian company to be recognised by worldsteel for Safety and Health excellence, in process safety management, for three years in a row.”

Koushik Chatterjee, Executive Director & Chief Financial Officer, said: “Tata Steel has continued to perform despite the challenging operating environment. For the quarter ended 30th September 2025, EBITDA margin improved by 145 bps QoQ and 280 bps for the half year, reflecting operational strength and cost discipline. Consolidated revenues for the quarter stood at Rs 58,689 crore, while EBITDA was Rs 9,106 crore, translating to a margin of ~16% or Rs 11,518 per ton. This performance was underpinned by sharp focus on cost transformation program, which delivered around Rs 2,561 crore for the quarter and around Rs 5,450 crore for the half year. India performance has been aided by strong growth in volumes. NINL, our strategic lever to expand in long products business, generated EBITDA, of around Rs 260 crore. Netherlands EBITDA was higher by EUR 28 million QoQ, as we make progress on restoring competitiveness. However, UK EBITDA declined by GBP 24 million on QoQ basis due to subdued prices on account of UK safeguard quotas exceeding prevalent demand. We remain focused on volume growth in India, strengthening our raw material linkages and optimising capital allocation. We are closely monitoring policy developments in EU and UK and will look to prioritise, optimise and sequence the decarbonisation capex spend such that it is affordable to all stakeholders. Overall, operating cash flows before capex and dividend were ~Rs 7,000 crore and we have spent Rs 3,250 crore towards capital expenditure in the quarter and Rs 7,079 crore during the half year. In line with efforts to optimise debt portfolio, we have reduced TSUK debt by GBP 540 million during the quarter and our consolidated gross debt has decreased by around Rs 3,300 cores QoQ to Rs 95,643 crore. On 12th November, Tata Steel executed a share purchase agreement with BlueScope Steel to acquire the balance 50% stake in Tata BlueScope Steel Private Limited. This is in line with our objective to grow the downstream portfolio. Following the acquisition, TBSPL will become a 100% subsidiary of Tata Steel. We remain committed to operational excellence, cost optimisation, and disciplined working capital management to maximise cash flows.”

Result PDF

Paints company Asian Paints announced Q2FY26 results

  • Q2FY26 Consolidated Net Sales at Rs 8,514 crore, up 6.4%.
  • Q2FY26 Standalone Net Sales at Rs 7,336 crore, up 5.8%.
  • Q2FY26 Consolidated PBDIT at Rs 1,503 crore, up 21.3%.
  • Interim Dividend of Rs 4.5 per share (450%).

Amit Syngle, Managing Director & CEO, Asian Paints, said: “This was a quarter of focused innovation, good execution and regionalisation of initiatives, resulting in a strong performance. We saw an improvement in our domestic decorative business with a double-digit volume growth of 10.9% and a 6% increase in value, despite the challenges posed by an extensive and prolonged monsoon. This growth was driven by our ability to generate demand across urban and rural areas through various regional activations and intense marketing /brand building measures. Growth was further accelerated by enhanced performance in our Automotive and Industrial Protective Coatings segments, contributing to an overall 6.7% value growth in the domestic coatings business. In the International business, we delivered double-digit revenue growth, led by key markets in South Asia, the Middle East and Africa. While the Home Décor business continues to navigate headwinds, our progress with Beautiful Homes stores is promising. Our ongoing efforts to elevate cost efficiencies have delivered positive results, allowing us to increase our profit margins even as we increased investments in our brand and retailing initiatives. The business landscape continues to be challenging and highly dynamic. However, we remain steadfast in our commitment to strengthening our brand saliency and driving innovation, to deliver sustained performance and create value for all our stakeholders.”

Result PDF

Exploration & Production company Oil And Natural Gas Corporation announced Q2FY26 results

Consolidated Financial Highlights:

  • Gross Revenue: Rs 1,57,911 crore against Rs 1,59,331 crore during Q2FY25, change -0.9%.
  • Posts consolidated net profit of Rs 12,615 crore during Q2FY26, up by 28.2%.
  • Interim dividend of 120% declared.

Standalone Financial Highlights:

  • Gross Revenue:: Rs 33,031 crore against Rs 33,881 crore during Q2FY25, change -2.5%.
  • Standalone Q2FY26 net profit stands at Rs 9,848 crore.
  • Standalone crude oil production up by 1.2%.

Result PDF

2/3 Wheelers company Bajaj Auto announced Q2FY26 results

Financial Highlights:

  • Revenue from operations set a new Company best at ~Rs 15,000 crore, propelled by a richer mix of vehicles and best ever spares sales 
  • EBITDA surpassed the Rs 3,000 crore milestone for the first time, with margin stepping up to 20.5%.
  • PBT stood at Rs 3,295 crore in Q2FY26 compared to Rs 2,925 in Q2FY25
  • PAT stood at Rs 2,480 crore in Q2FY26 compared to Rs 2,005 crore in Q2FY25

Business Highlights:

  • Domestic business delivered record revenue, as stepped up growth on premium bikes and double digit growth on CVs led the way
  • Exports set the pace with a standout performance as it accelerated momentum (revenue 35% YoY) across regions and 2Ws/3Ws
  • Domestic Motorcycles saw sequential volume-led double digit revenue growth, driven by the sport segment particularly at the top end
  • KTM Triumph duo powered their biggest ever quarter with domestic retail sales exports billing of >60,000 bikes, up ~70% YoY
  • Commercial Vehicles scaled a new pinnacle on volumes and revenue, led by the strong show on both ICE and electric fronts
  • While the quarter was supply disrupted, Chetak regained leadership in October, reinforcing its position as the preferred EV scooter
  • Continued emphasis on cash generation drove ~Rs 4,500 crores of free cash flow in H1FY26, a conversion of nearly 100% of PAT

Result PDF

Aluminium Products company Hindalco Industries announced Q2FY26 results

  • Revenue: Rs 66,058 crore compared to Rs 58,203 crore during Q2FY25, change 13%.
  • EBITDA for the second quarter stood at Rs 9,684 crore, up 6% from Q2FY25.
  • Net Profit increased to Rs 4,741 crore, up 21% over Q2FY25.
  • EPS: Rs 21..35 for Q2FY26.

Satish Pai, Managing Director, Hindalco Industries, said: “Hindalco continued its growth momentum amid global volatility, delivering strong performance in both volumes and profitability. This performance was driven by robust contribution from India business, disciplined cost management and operational efficiencies across segments.

The Aluminium Upstream business continued to outperform with industry-best EBITDA margins of 45%. The Downstream segment reported a solid quarter with 69% EBITDA growth, supported by all-time high volumes and a superior product mix. The Copper business remained resilient, performing in line with our guidance even with lower TC/RCs. Novelis recorded a sequential improvement in both EBITDA and Net Income, despite net tariff impact partially offset by better pricing and accelerated cost efficiency initiatives.

Our integrated business model, prudent capital allocation and focus on cost optimisation, continues to enable us to deliver sustained, resilient growth across market cycles.

Our sustainability agenda remains focused on climate action, circularity through waste recycling, water stewardship and biodiversity protection.”

Result PDF

Pharmaceuticals company Sun Pharmaceutical Industries announced Q2FY26 results

  • Sales at Rs 1,44,052 million, a growth of 8.6%.
  • Global Innovative Medicines sales stood at USD 333 million, up 16.4% and accounting for 20.2% of sales.
  • EBITDA was Rs 45,271 million, up 14.9%. EBITDA margin was 31.3%.
  • Profit before exceptional items and tax was Rs 41,676 million, up 15.8%.
  • Net profit was Rs 31,180 million, up 2.6%.
  • R&D investment was Rs 7,827 million or 5.4% of sales.

Kirti Ganorkar, Managing Director, said: “India, Emerging Markets and Rest of World led our growth for the period. US sales of Innovative Medicines have surpassed Generics for the first time during the quarter. We remain focused on broadening our portfolio while strengthening in-house talent pool and execution capability.”

Result PDF

Cement & Cement Products company Grasim Industries announced Q2FY26 results

  • Revenue: Consolidated revenue for the quarter stood at Rs 39,900 crore, up 17% YoY.
  • EBITDA stood at Rs 5,217 crore in Q2FY26 compared to Rs 4,056 crore in Q2FY25
  • Overall PAT stood at Rs 553 crore in Q2FY26 compared to Rs 315 crore in Q2FY25
  • Cellulosic Staple Fibre: Specialty Sales volume share at 24% driven by higher exports.
  • Chemicals: EBITDA up by 34% YoY led by higher ECU realisation and volume growth in Chlorine Derivatives.
  • Cement: Expansion plan announced aiming 240.8 mtpa of total grey cement capacity (India Overseas) by Mar-28.
  • Birla Opus: 2nd largest Decorative Paints industry capacity share of ~24% with commissioning of 6th plant at Kharagpur (Oct-25).
  • Birla Pivot: Revenue up by 15% QoQ led by new buyers, healthy repeat orders and increasing contribution from wider range of product categories.
  • Financial Services: Total Lending portfolio (NBFC HFC) grew 29% YoY to Rs 1,77,855 crore

Result PDF

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